ACCC to oppose BP buy of Woolworths petrol stations

The competition regulator will oppose the $1.8 billion acquisition of Woolworths Ltd’s network of retail service station sites by oil company BP."We consider that BP acquiring Woolworths’ service stations will be likely to substantially lessen competition in the retail supply of fuel," the Australian Competition and Consumer Commission Chairman Rod Sims said in a statement on Thursday.
Woolworths and BP announced the deal in December 2016, as the Australian retailer sought to cut non-core businesses and focus on its supermarkets.
ACCC found that the acquisition would likely lead to higher prices and reduce competition. Sydney Morning Herald – Read more…